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2023 Amendment to Money Laundering Rules Quiz

5 Questions

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2023 Amendment to Money Laundering Rules Quiz

Created by

@CompatibleHonor

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Questions and Answers

Who will now be considered a beneficial owner under the tightened definition?

Any individual or group holding 15% ownership

Any individual or group holding 10% ownership (correct)

Any individual or group holding 5% ownership

Any individual or group holding 20% ownership

Which entities are considered 'reporting entities' under the anti-money laundering law?

Banks, financial institutions, real estate firms, and jewelry sectors (correct)

Banks, financial institutions, real estate firms, and casinos

Banks, financial institutions, and non-profit organizations

Banks, financial institutions, and cryptocurrency firms

What additional requirement has been prescribed for due diligence under the amended rules?

Disclosure of beneficial owners only for non-profit organizations

Disclosure of beneficial owners for real estate firms only

Disclosure of beneficial owners for all types of clients

Disclosure of beneficial owners beyond current KYC norms (correct)

Where are reporting entities required to register details of non-profit organizations?

<p>DARPAN portal of NITI Aayog</p> Signup and view all the answers

What does the amendment define in relation to Politically Exposed Persons (PEPs)?

<p>It expands the definition of PEPs</p> Signup and view all the answers

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